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Florida PSC Approves New Rate Agreement for FPL

On November 20, 2025, the Florida Public Service Commission (PSC) granted approval for a new four-year rate agreement that seeks to address both the energy needs of a rapidly expanding Florida and the financial impact on its residents. Florida Power & Light Company (FPL) is set to continue its investments in infrastructure while keeping customer bills significantly below the national average. This move comes at a time when FPL anticipates adding around 335,000 new customers by the end of the decade, necessitating new power generation and battery storage capabilities.

Key Aspects of the Rate Agreement

The approved rate plan, which will be effective from January 1, 2026, to December 31, 2029, outlines incremental changes in customer billing. For instance, the average bill for a typical residential customer using 1,000 kWh will see an increase of just $2.50 per month from $134.14 to $136.64. Notably, some regions like Northwest Florida will experience only a minor adjustment, with the monthly charge dropping slightly from $143.60 to $141.36.

FPL President and CEO Armando Pimentel emphasized that this agreement reflects a collaborative effort with various customer groups, asserting its importance in maintaining service reliability and affordability. Pimentel stated, "We appreciate the Florida Public Service Commission's thorough review of our rate plan. Today's vote enables FPL to continue to deliver some of America's most reliable electric service..."

Benefits to Consumers and the State

1. Low Bills: The typical residential bill in 2026 will be approximately 20% lower than it was two decades ago when adjusted for inflation. FPL's rates have consistently been below the national average for over ten years, and this trend is expected to continue through the end of this decade.

2. Supporting a Growing Population: As Florida's population grows, so too does the demand for energy. This rate agreement equips FPL with the resources needed to invest in additional power generation facilities, ensuring the provision of reliable, low-cost electricity.

3. Reliability Investments: FPL currently enjoys reliability metrics that exceed the national average by 59%. Continued investments facilitated by this agreement are critical for modernizing technology, including smart grid systems.

The Journey to Approval

The path to the approved rate agreement was thorough and time-consuming. Starting with an application submitted in February, the process involved extensive scrutiny over approximately eleven months. FPL presented over 70,000 pages of documentation and addressed more than 2,000 inquiries from the PSC and various stakeholders during this period. The electric utility conducted numerous public hearings across Florida, allowing over 400 citizens to voice their opinions.

Moving Forward

As FPL prepares to implement these new rates, the overall strategy aims not only to keep costs manageable for current customers but also to ensure sustainability as Florida continues to grow. With ongoing investments in infrastructure and technology, FPL is poised to meet the demands of its expanding customer base while maintaining affordable electricity rates.

Conclusion

In conclusion, the Florida Public Service Commission's endorsement of the new rate agreement serves as a pivotal framework for balancing the energy needs of a burgeoning state with the financial realities faced by its residents. For Florida Power & Light, this is not merely a matter of cost adjustments; it's a commitment to reliability and customer satisfaction as they enter a new era of energy provision for Florida's rapidly growing population.