FPL files details of new rate plan designed to power growing state with unmatched combination of high reliability and low bills

Core Points - Florida Power & Light Company (FPL) has submitted a four-year rate proposal to the Florida Public Service Commission (PSC) to establish new rates for 2026 through 2029, following the conclusion of its current base rate agreement at the end of 2025 [1][2] - The proposal aims to maintain reliable electricity delivery, enhance customer service, diversify generation resources to lower fuel costs, and keep customer bills competitive [2][3] Rate Proposal Details - The proposed rates for a typical 1,000-kWh residential customer in Peninsular Florida would increase from $134.14 in 2025 to$151.99 by 2029, with a projected bill in January 2026 being about 20% lower than in 2006 when adjusted for inflation [4][3] - Small- and medium-sized business customer bills are expected to rise at an average annual rate of 1% to 5% from 2025 through 2029 [5] Infrastructure and Growth - FPL has added approximately 275,000 customers since 2021 and anticipates adding another 335,000 by the end of 2029, necessitating significant investments in new generating capacity and distribution infrastructure [5] - The company’s reliability metrics show that its distribution service reliability is 59% better than the national average, with technology investments helping to avoid 2.7 million customer outages in 2024 [6] Diversification and Cost Management - FPL plans to invest in low-cost solar and battery storage technologies to complement its existing natural gas and nuclear power generation fleet, which helps mitigate fuel price volatility [6] - The modernization of FPL's power plant fleet has resulted in over $16 billion in fuel cost savings, with non-fuel operations and maintenance costs being the lowest among peer utilities, saving customers about$2.9 billion annually [6] Economic Context - Since the last base rate adjustment in 2021, FPL has faced significant inflationary pressures, with labor costs rising by nearly 16% and utility materials such as wires and cables increasing by up to 101% [7] Company Overview - FPL is the largest electric utility in the U.S., serving over 6 million accounts and recognized for its fuel-efficient and clean power generation fleet [8]