Florida Power and Light Co. (FPL), the largest electric utility in Florida, on March 19 filed its formal request for a base rate increase with the Florida Public Service Commission (PSC).
FPL said the filing was consistent with the company's notice to the PSC in January that an adjustment would be necessary because the company's existing rate agreement, which effectively froze base rates for three years, expires at the end of 2012.
The company is requesting a base rate increase of $6.97 a month, or about 23 cents a day, on the base portion of a typical 1,000 kWh residential customer bill offset in part by an estimated $4.49 a month net decrease in other components of a typical bill, including lower fuel usage, lower fuel prices and other adjustments. As a result, the typical residential customer bill would increase about $2.48 a month, or about 8 cents a day – a 2.6 percent increase.
FPL said the adjustment is needed to pay for increases in the cost of doing business and to begin paying for a new natural gas power plant after it enters service in June 2013.
The requested increase would not take effect until Jan. 1, 2013.