The Florida Public Service Commission (PSC) today directed Progress Energy Florida (Progress) to refund more than $13.8 million to its customers. The Commission determined the utility company that serves more than 1.5 million Florida consumers paid excessive fuel costs from 2003 to 2005.
Following a careful analysis of the evidence presented and much debate, the Commission determined that Progress should have started purchasing coal from the Powder River Basin (PRB) in southeast Montana and northeast Wyoming beginning in 2003. PRB coal is relatively low in cost, has low sulfur content, and is a reliable supply. If the shift to PRB coal had been made, consumers would have saved considerable expense.
Based on today’s decision, $12,425,492, plus $1,400,715 interest, will be refunded to customers during 2008.
The PSC is committed to making sure that Florida's consumers receive their electric, natural gas, telephone, water, and wastewater services in a safe, affordable, and reliable manner. The PSC exercises regulatory authority over utilities in the areas of rate base/economic regulation; competitive market oversight; and monitoring of safety, reliability, and service.
For additional information, visit www.floridapsc.com.