TALLAHASSEE – May 22, 2012
Continuing efforts to minimize the cost of utility service, Florida’s Public Service Commission (PSC) today proposed to amend its customer deposit rules to lower interest rates, an expense ultimately paid by all customers. The new rates better reflect current market conditions.
“Whenever feasible, we make rule adjustments that will help Florida’s utility customers,” said PSC Chairman Ronald A. Brisé. “Lowering interest rates will benefit all customers by keeping costs down and, therefore, helping reduce monthly utility bills.”
Minimum annual interest rates on customer deposits will be reduced from six percent to two percent per year for investor-owned (IOU) electric, gas, water, and waste water utilities. Interest rates on nonresidential customer deposits held after 23 months of continuous service will be lowered from seven percent to three percent per year.
The entire savings will be passed through to customers. Holding down utility rates contributes to Florida’s economic development strategy and supports an objective Governor Rick Scott has made the state’s top priority, creating jobs.
The IOUs have 45 days to implement the rule amendments after their effective date. Affected rules include 25-6.097, 25-7.083, and 25-30.311, Florida Administrative Code.