At the time of publication, FPL had requested a major increase in base rates from the Florida Public Service Commission.
The increase will be spread over four years (through 2025), with the average home seeing a monthly increase of $18 by January 2025.
In the fixed portion of the bill, there would be another $1 per month increase. Another segment of the bill deals with the equity provided for the investors in the company.
The average utility provides 9 percent to the shareholders, with FPL now at 10.5 percent. The company is requesting to increase the dividend to 11.5 percent gradually through the next four years.
Separately, FPL was granted permission by the Public Service Commission to plan for and initiate storm-hardening activities through the next 10 years. The annual cost to consumers will be decided this fall by the Public Service Commission.
The estimated cost to complete this work is $50 billion spread over 10 years in the form of bill increases to all customers. This work is intended to harden the FPL electrical system against natural disasters such as hurricanes. This would include such items as burying its power lines against storms. More than $12 billion of the cost would go straight to the pockets of FPL shareholders.
If FPL is granted the full amount of its requests, customers could experience a $30 per month increase to their average bills by 2025.
Anyone who disagrees with the possible reforms, should call their Brevard County legislators. They are
- Sen. Debbie Mayfield Dist.17
- Sen. Thomas Wright Dist. 14
- Rep. Rene Plasencia Dist. 50
- Rep. Tylor Sirois Dist. 51
- Rep. Thad Altman Dist. 52
- Rep. Randy Fine Dist. 53