Florida Power & Light comes to four-year rate settlement agreement

Florida Power & Light Company has agreed to a four-year rate settlement that accounts for a massive buildout of its solar and clean energy infrastructure and keeps rates below the national average.

The rate plan was developed jointly with the Florida Office of Public Counsel along with the Florida Retail Federation, the Florida Industrial Power Users Group, and the Southern Alliance for Clean Energy.

“This agreement is a big win for all 5.6 million FPL customers and our state, and it demonstrates what can be achieved through a collaborative process,” FPL President and CEO Eric Silagy said. “In a rapidly growing state on the front lines of climate change, our customers deserve bold and decisive, long-term actions as we build a more resilient and sustainable energy future all of us can depend on, including future generations. This agreement paves the way for FPL to continue delivering America’s best energy value – electricity that’s not just clean and reliable, but also affordable.”

The agreement supports FPL’s 30-by-30 plan to install 30 million solar panels in Florida by 2030. It would also unlock a second phase of the company’s SolarTogether program — doubling what’s already the largest community solar program in the country across FPL’s service area. Overall, the settlement agreement would support the development of 16 million solar panels across more than 50 new sites. In addition, it would support FPL’s green hydrogen pilot project in Okeechobee County,

With the proposed settlement agreement, residential bills are projected to grow from 2021-2025 at an average annual rate of 2.5 percent. The average bill for the typical 1,000-kWh residential customer would be $107.78 in 2022 and go up from there. It would keep typical residential bills below the national average and among the lowest in Florida through 2025.