The Florida Public Service Commission (PSC) today reduced Florida Power & Light Company’s (FPL) revenue request from more than $1 billion to $75.5 million. The Commissioners also denied FPL’s request for a base rate increase in 2011.
The Commission made several adjustments to the company’s expenses, including depreciation and salaries and benefits. The Commission also reduced FPL’s return on equity from its requested 12.5 percent to 10 percent.
New FPL base rates for all customer classes will be addressed at a Special Agenda Conference set for Friday, January 29. Commission staff is scheduled to file its FPL rate recommendation on January 22.
FPL filed a petition with the PSC requesting a base rate increase last March. The Commission held nine customer service hearings in FPL service territory in June, where PSC Commissioners heard from hundreds of customers about the utility’s proposed rate increase and its quality of service. Technical hearings were held in Tallahassee over several weeks in August, September, and October, where the Commission heard evidence and testimony from witnesses for FPL and intervenors in the case.
FPL, Florida’s largest electric provider, serves approximately 4.5 million customers. The utility’s last general base rate increase was granted in 1985.
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.