Advertisements
By Jenn Gidman
Florida Power & Light (FPL), the state’s largest utility, is seeking approval for a $10 billion hike in electricity rates over the next four years—a move environmental advocates say would mark the largest utility increase ever seen in the US. The proposal, filed in February with state regulators, outlines two base rate increases in 2026 and 2027, with additional hikes planned for 2028 and 2029 to fund solar and battery storage projects, reports CBS News.
- The Florida Public Service Commission, which oversees the electric industry, has hosted several hearings to gather public feedback. FPL will formally defend the plan at a hearing starting Aug. 11, after which regulators will decide whether to approve the increases.
- FPL argues the extra funds are critical for grid reliability, lowering fuel costs, and diversifying energy sources. The company maintains that even with the increase, monthly customer bills would remain about 25% below the national average, rising by $10 to $20 by 2029 for typical households.
- Environmental groups say the hike would hit Floridians hard, intensifying the state’s affordability issues and disproportionately affecting vulnerable groups like the elderly and disabled. Critics also allege the plan prioritizes shareholder profits over customer relief, with estimates suggesting half of every dollar collected in base rates would go to shareholders and related taxes.
- Per the Palm Beach Post, the Sunshine State saw a nearly 28% increase in the cost of residential electricity from 2020 to 2025, while the nation as a whole saw a 31% spike. Even so, “even considering another rate increase is a slap in the face,” one Pensacola resident tells the paper. FPL has a calculator on its site to help residents estimate how much their bills will jump by.
https://www.newser.com/story/373133/florida-utility-giant-seeks-10b-rate-hike-over-4-years.html