The Florida Public Service Commission (PSC) today approved Gulf Power Company’s (Gulf) request to implement an interim charge to recover costs to restore electric service caused by damage from Hurricane Michael, a Category 5 storm.
Gulf’s request is based on its 2017 Settlement Agreement with consumer representatives, allowing Gulf to collect hurricane-related costs and maintain a storm reserve fund. A hearing will be held by the PSC in the future to determine the actual allowable costs.
“Hurricane Michael leveled a lot of Gulf’s electric system,” said PSC Chairman Art Graham. “Power restoration is the first step for communities and customers to get back to business, and Gulf incurred substantial costs to restore service for thousands of affected customers. Those costs are not covered in their regular rates.”
Today’s approved interim monthly charge for Gulf’s residential customers is $8.00 per 1,000 kilowatt hours beginning July 2019 and continuing for about five years. Gulf will recover approximately $342 million for restoration costs associated with Hurricane Michael and to replenish its storm reserve.
Gulf Power serves more than 460,000 customers in eight counties throughout Northwest Florida.
For additional information, visit www.floridapsc.com.
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