Florida Power & Light to reduce rates by 25 percent in May
Florida Power & Light Company will drop rates by 25 percent in May for the typical residential customer bill as a result of lower fuel costs.
FPL and other electric providers in the state traditionally refund any fuel savings to customers over many months. However, due to the financial challenges customers are facing due to the COVID-19 pandemic, FPL is seeking to give customers the total annual savings in a single month’s bill.
Business customers will also see a significant one-time decrease in May—with the amount to vary. This plan is pending approval by the Florida Public Service Commission.
“Everyone at FPL understands how critical it is to continue to provide reliable electricity and to keep as much money as possible in our customers’ pockets,” FPL President and CEO Eric Silagy said. “Traditionally, our regulators expect these types of savings to be spread out over the balance of the year. However, challenging times call for exceptional measures. I believe this one-time bill decrease is the most effective way to infuse customers with much-needed money as we all navigate through this difficult and unsettling time together.”
This is the second rate decrease the company has had this year. In January, FPL reduced the rate for residential customers by an average of 4 percent. FPL’s typical bill, before this May decrease, is about 30 percent lower than the U.S. average.
FPL has been able to lower rates due to a decrease in natural gas prices. Also, FPL has invested in ultra-efficient natural gas power plants, solar energy facilities, and a variety of cutting-edge technologies to reduce the amount of fuel it needs to provide electricity.
Also, for customers experiencing hardship as a result of COVID-19, FPL has resources available at FPL.com/Help. Further, the company can connect customers with resources available from federal, state, and local authorities.
