By: Capitol News Service
May 15, 2019
TALLAHASSEE, Fla. (CNS) – Florida Power and Light customers will not see their utility rates decrease after all.
The Florida Public Service Commission broke with staff recommendations Tuesday morning and voted to allow FPL to keep all of the $772 million tax refund it received after the change in the federal tax code.
Mark Bubriski with FPL said the company will use the money to pay back costs it incurred after Hurricane Irma, which will prevent customers from seeing their rates increase.
“It cost about $1.3 billion to restore power following Irma and because of the tax savings we did not have to raise rates on customers. Today, our rates continue to be about 30 percent lower than the national average and among the lowest in the state and the nation,” said Burbriski.
As part of the deal, FPL will have to report its estimated annual revenue four times a year to the Public Service Commission. If its profits rise above the 11.5 percent allowed by law, the PSC would then likely lower rates.