The Florida Public Service Commission approved Florida Power & Light Co.'s request to lower electric rates beginning in January 2016. The decrease is largely the result of the company's ongoing investments in highly efficient power generation, which continue to result in reduced fuel consumption, along with lower fuel prices.
FPL's typical 1,000-kWh residential customer bill is already lower now than it was in 2006 — in addition to being the lowest in Florida and among the lowest in the nation among reporting utilities — and in 2016, it will drop further. A typical residential customer will see a decrease of about $2.50 a month on average in 2016 compared with current rates.
"Our long-term strategy of advancing clean energy affordably and reliably with smart investments continues to pay off for our customers," said Eric Silagy, president and CEO of FPL. "By phasing out older power plants that run on oil and coal and investing in modern, high-efficiency centers that run on natural gas, solar and nuclear, we're delivering power that is far cleaner and more reliable than the average utility while our customers are paying less for their electricity today than they did nearly a decade ago."
Businesses will also see a decrease in their bills next year, with anticipated savings of about 2 to 6 percent, depending on the business customer's rate class and type of service.
Since 2001, FPL's investments in clean generation have saved customers more than $8 billion by using less fuel to generate electricity. These energy efficiency savings are in addition to the savings from recent low market prices for natural gas.
The company's fleet of efficient power plants has also enabled FPL to achieve a carbon emissions rate that is 35 percent cleaner than the U.S. utility average. In fact, while other utilities around the country are facing potentially higher costs to comply with the U.S. EPA's Clean Power Plan, FPL is already cleaner than the goal the plan has set for Florida to reach by 2030.