Florida Power & Light Reaches Agreement to Lower Customer Bills Until 2029

Florida Power & Light Reaches Important Accord on Customer Rates

In a significant move for consumers, Florida Power & Light Company (FPL) has announced an agreement in principle with key stakeholders that aims to keep customer electricity bills markedly lower than the national average for the upcoming years. This four-year rate settlement could redefine how residents and businesses in Florida manage their energy costs well into the next decade.

On August 8, 2025, FPL, alongside several stakeholder groups, including retail and industrial power users, submitted a joint motion to the Florida Public Service Commission (PSC). This motion requests that the PSC halt further technical hearings regarding FPL's earlier rate petition, paving the way for finalizing this settlement agreement. The involved parties are set to formalize their agreement before August 20.

FPL's President and CEO, Armando Pimentel, expressed enthusiasm about the potential agreement, stating, "We are pleased to have reached an agreement in principle with key stakeholders. A settlement would provide a win for our customers and the state of Florida. We appreciate the constructive engagement of key intervenors. Any agreement that we reach should enable FPL to continue to make smart investments on behalf of our customers, ensuring that we can continue to provide reliable electricity to power our fast-growing state while keeping customer bills low."

Participants in the Agreement

The agreement finds its backing from a coalition of influential groups, including the Florida Retail Federation, Florida Industrial Power Users Group, and several corporate stakeholders like Walmart and EVgo Services. The Southern Alliance for Clean Energy, Fuel Retailers, Electrify America, and Federal Executive Agencies have also joined this collective effort, showcasing a united front in support of lower electricity rates across the state.

Background and Context

This agreement arrives as FPL's current rate conditions are set to expire at the year's end. Earlier in February, FPL had submitted a petition to the PSC to establish new rates for the period of 2026 to 2029. This process initiated an in-depth public review that saw FPL provide extensive documentation to support its proposals, including thousands of pages of witness testimony and compliance with over 3,000 requests for documents. FPL witnesses also engaged in more than 30 depositions, while the PSC conducted public hearings throughout Florida, gathering public input on the proposed rate plans.

The Path Forward

Looking ahead, FPL and the supporting parties are preparing to present their case before the PSC once more. They will request that technical hearings be suspended to allow for the completion of the agreement. If the PSC grants this request, a new hearing date will be established to evaluate the finalized agreement. Once approved, any new rates are expected to take effect on January 1, 2026.

About Florida Power & Light Company

Florida Power & Light Company stands as the largest electric utility in the United States, providing dependable electricity to over 6 million customer accounts, which translates to approximately 12 million residents throughout Florida. The company prides itself on its diverse energy strategy, which includes nuclear, natural gas, solar, and battery storage, solidifying its position as one of the most cost-efficient power generation fleets in the country. FPL has earned the ReliabilityOne® National Reliability Award seven times in the last decade, reflecting its commitment to service excellence.

As FPL continues to navigate the complexities of energy provision in a rapidly evolving landscape, this newly achieved agreement represents a critical stepping stone in their journey, ensuring both reliable service and affordability for Florida's consumers.