- FPL customers will see a decrease in rates, resulting in $379 million in customer savings due to lower-than-expected natural gas prices.
- Typical residential customer bills will decrease by about 3% from May through December, while business customer bills will see a 3% to 4% reduction.
- Duke and Tampa Electric are also expected to lower their rates in the coming days.
Florida utility regulators approved a decrease in Florida Power & Light (FPL) rates today to reflect projected fuel savings, lowering customer fuel charges by $379 million for the remainder of the year due to lower-than-expected natural gas prices.
“As fuel prices have moderated, we are pleased to pass through the savings to customers,” said Armando Pimentel, president and CEO of FPL. “Importantly, we continue to encourage customers to use FPL’s free tools to save energy and make their bill even lower.” This comes as a relief to customers dealing with inflation and rising costs for essentials like food and rent.
The decrease in rates, unanimously approved by the Florida Public Service Commission (PSC), will see typical 1,000-kWh residential customer bills fall by about 3% from May through December, while typical business customer bills will decrease 3% to 4%, depending on the rate class. Even before the May decrease, FPL bills in the Florida peninsula were well below the national average and among the lowest of all of Florida’s electric utilities.
In addition to the rate reduction, FPL encourages customers to utilize energy-saving tips and tools available on their website and mobile app to further decrease their energy bills. The company also offers the free FPL Energy Manager tool to monitor energy use and identify ways to save.
FPL, America’s largest electric utility, serves more than 12 million people with clean, affordable, and reliable electricity. The company is a subsidiary of Juno Beach, Florida-based NextEra Energy, Inc., a clean energy company widely recognized for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity.
This rate reduction follows FPL’s earlier announcement of a $1 billion reduction in customer fuel charges in response to soaring energy costs in 2022. The decrease will help offset the higher rates expected due to hurricane recovery costs and last year’s spike in natural gas prices. The PSC will review similar rate reduction plans submitted by Duke Energy and Tampa Electric Company (TECO).