PSC Agrees Rate Settlement with FPL

The Florida Public Service Commission reached a settlement with Florida Power & Light to increase its rates $75.5 million but freezing its base rates for the next two years.

The settlement was agreed upon by both parties in August but was delayed because of a pending court case in which FPL has asked Commissioner Nathan Skop to recuse himself from all matters involving the electric company because he is biased against it. The 1st District Court of Appeals has stayed all matters involving FPL until the case is settled, but released jurisdiction back to the PSC last week for the sole issue of agreeing to the settlement.

Attorney General Bill McCollum had this statement on the settlement: I commend the Public Service Commission and FP&L for adopting this important settlement today. We have worked for many months with the Office of Public Counsel, the Retail Federation, the Florida Industrial Power Users Group, the Federal Executive Agencies, the South Florida Hospital and Healthcare Association, and the Associated Industries of Florida to reach this settlement which will provide rate stability for the FP&L customers by freezing basic rates through 2012. This settlement benefits all parties, and I am pleased to see it approved."