FLORIDA — The Florida Power & Light Company notified the Florida Public Service Commission on Monday, Dec. 30, about plans to file a formal request to set new rates from 2026 through 2029.
The new four-year rate plan would take effect once its current base rate agreement concludes at the end of 2025, according to a company release.
According to FPL, customers will see an average annual rate increase of 2.5% from January 2025 through 2029 under the proposal.
According to the company, this will allow FPL to:
- Continue to diversify the company’s electricity generation mix
- Protect customers from fuel price volatility
- Deliver reliable electricity to its 6 million customers
- Keep bills below the national average and below other Florida electric utilities
FPL said customers can calculate potential adjustments to their bill after FPL files its formal plan. The company plans to submit a four-year rate plan to PSC as early as February, seeing as the process for setting new base rates takes about a year.
The 2025 rate will allow customers to see what the impact of rates will be relative to where they are at now, according to a company spokesperson.
FPL expects to add another 330,000 customers through 2029, which the company said will require significant new generating capacity and distribution infrastructure to meet demand.