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Florida Power & Light Unveils New Rate Plan for 2026-2029

In a significant move aimed at ensuring reliable and affordable electricity for its customers, Florida Power & Light Company (FPL) has submitted a comprehensive four-year request to the Florida Public Service Commission (PSC). This request is set to take effect once the current base rate agreement expires at the end of the year. This proposal, covering the years from 2026 to 2029, would help FPL maintain its position as one of the nation’s leading utilities in terms of reliability and customer service.

Enhancing Reliability and Efficiency

FPL President and CEO Armando Pimentel emphasized the company’s commitment to its customers, stating that the balanced plan aims to facilitate ongoing investments in the electricity grid and diversify generation resources. These efforts are expected to ensure that FPL remains not only a reliable source of energy but also affordable, even as demands continue to grow in Florida.

To illustrate the plan's impact, Pimentel highlighted that, despite the proposed adjustments, residential customers can expect their bills to remain significantly below the national average. In fact, when adjusted for inflation, typical bills for a resident using 1,000-kWh in January 2026 would be around 20% lower than they were in 2006.

For those seeking to understand how this new rate plan may affect their individual bills, FPL has introduced a user-friendly calculator on their website, allowing residents to estimate any potential changes to their monthly electricity costs.

Proposed Bill Adjustments

The proposed rates for residential customers in different regions of Florida for a standard 1,000-kWh usage can be seen as follows:

• - Peninsular Florida:

- Current: $134.14
- 2026: $142.37
- 2027: $148.29
- 2028: $149.93
- 2029: $151.99

• - Northwest Florida:

- Current: $143.60
- 2026: $147.10

This plan indicates that starting in 2027, both peninsular and Northwest Florida customers will pay uniform rates, ensuring consistency throughout the service areas.

For small and medium-sized businesses, the proposed increase in bill rates would be modest, averaging between 1% to 5% annually from 2025 through 2029. Businesses interested in specific details are encouraged to contact their FPL account managers.

Key Components of the Plan

The proposal outlines several strategic priorities to enhance service for Florida residents:
1. Dependable Service: FPL continues to invest in critical infrastructure and new technology, striving to surpass the national service reliability average by 59%. The introduction of smart-grid technologies has already reduced outages significantly, particularly during severe weather events.
2. Diversification of Energy Sources: To accommodate growing demand, FPL is focusing on expanding its low-cost solar and battery storage capabilities. This diversification is crucial for stabilizing customer costs against fuel price fluctuations.
3. Cost Management: By leveraging the latest technological advancements, FPL has already achieved over $16 billion in fuel savings, with additional efforts saving around $2.9 billion annually for customers.
4. Infrastructure for Growth: FPL has welcomed approximately 275,000 new customers since 2021, and anticipates an additional 335,000 by the end of 2029, necessitating significant investments in both generation capacity and distribution infrastructure.

The Road Ahead

The filament of today marks the beginning of a thorough review process, where the PSC will conduct hearings and solicit feedback from customers before making a final decision. FPL's previous adjustments to base rates had seen rising costs due to inflationary pressures, but they remain committed to controlling costs as much as possible while enhancing service.

As the largest electric utility in the United States, FPL not only serves more customers than any other utility but also prides itself on providing clean, reliable electricity to over 6 million accounts. It operates one of the cleanest power generation fleets, recently earning accolades for its efficiency and reliability, emphasizing its commitment to delivering exceptional service while managing growth in Florida's thriving communities.

For more information about FPL and updates regarding the proposed rate plan, customers can refer to FPL.com.