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Electric utilities

Florida Power & Light Company Reaches Agreement on Rate Case Settlement

Strategic Insights

— 1 min read

Florida Power & Light Company has signed a Stipulation and Settlement with all interveners in its rate case filing, subject to the approval of the Florida Public Service Commission (FPSC). The agreement aims to resolve outstanding issues raised by the Office of the Attorney General, the Office of the Public Counsel, and other interested parties. The settlement will enable the company to maintain high-quality service for its customers while meeting the growth in its service territory.

Key Takeaways:

  • The agreement was reached after several days of negotiations between Florida Power & Light Company, the Office of the Attorney General, the Office of the Public Counsel, and other interested parties.
  • The stipulation will resolve all outstanding issues related to the company's base rate request and will enable the company to maintain high-quality service for its customers.
  • The company needs to spend billions of dollars to maintain reliable electric service to its current and future customers and to meet the growth in its service territory.
  • The agreement will pose challenges to the company, but it is committed to meeting these challenges.
  • The complete Stipulation & Settlement will be filed with the FPSC and as an Exhibit to a Form 8-K, which is expected to be filed later today with the Securities and Exchange Commission by FPL Group & Florida Power & Light Company.
  • Florida Power & Light Company serves 4.3 million customer accounts in Florida and is the principal subsidiary of FPL Group, Inc.
  • FPL Group is nationally known as a high-quality, efficient, and customer-driven organization focused on energy-related products and services with annual revenues of more than $10 billion.
  • FPL Energy, LLC, FPL Group's wholesale electricity generating subsidiary, is a leader in producing electricity from clean and renewable fuels.

Statistics:

  • $10 billion: annual revenues of FPL Group
  • 26 states: FPL Group is present in
  • 4.3 million: customer accounts served by Florida Power & Light Company in Florida
  • Billions of dollars: the amount the company needs to spend to maintain reliable electric service to its customers
  • Several days: the duration of negotiations between the parties involved
  • Later today: the expected time for filing the Form 8-K with the Securities and Exchange Commission

Sources:

  • Florida Power & Light Company press release, dated [undisclosed]
  • http://www.FPL.com
  • http://www.FPLGroup.com
  • http://www.FPLEnergy.com

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