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FPL Announces Lowering of Rates Amid Ongoing Pandemic

Mar 30, 2020

JUNO BEACH, Fla. – Florida Power & Light Company today announced its plan to significantly lower bills for the second time this year and fast-track savings to customers amid the ongoing coronavirus (COVID-19) pandemic. Subject to Florida Public Service Commission approval, beginning May 1, FPL plans to issue a one-time decrease of nearly 25% for the typical residential customer bill as a result of lower fuel costs.

In Florida, FPL and other electric providers traditionally refund any fuel savings to customers over many months. However, given the abrupt financial challenges facing many customers due to COVID-19, FPL will instead request permission 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, that will vary by rate class.

“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,” said FPL President and CEO Eric Silagy. “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.”

EXAMPLE:

FPL's Typical 1,000-kWh Residential Customer Bill

December 2019

Current

May 2020
with one-time decrease

$99.90

$96.04

~$74*

Before this proposed decrease, FPL's typical bill was about 30% lower than the U.S. average, according to the latest available data.**

*Preliminary estimate subject to final calculations; FPL May bills also include a Solar Base Rate Adjustment, reflecting four new solar power plants entering service and generating clean, emissions-free energy for customers
**U.S. average ($141.56) is based on Summer 2019 bills from 175 utilities, published by the Edison Electric Institute

 

 

 



Florida Power & Light Company

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