State regulators have unanimously approved another Florida Power & Light Company request to decrease rates beginning in July to reflect a continued downward trend in fuel prices.
"We are committed to keeping bills as low as possible for our customers," Armando Pimentel, president and CEO of FPL, said Tuesday. "With fuel prices moderating, we are pleased to pass along additional savings to our customers. We also encourage our customers to use FPL's free tools to save energy and make their bills even lower."
The $256 million reduction in fuel charges approved by the Florida Public Service Commission follows a $379 million reduction that took effect in May.
With today's approval, a typical 1,000-kWh residential customer bill will be more than $8 lower in July than it was in April. In Northwest Florida, a 1,000-kWh residential bill will be lower in July than it was last year.
Business customer bills in July will decrease between 2% and 5%, depending on rate class, compared to current rates.
The PSC approves a fuel charge on customer bills based on FPL's projection of how much it will spend on fuel for its generating plants. FPL does not earn a profit on fuel and works hard to operate its power plants as fuel-efficiently as possible.
Since FPL projected its 2023 fuel expenditures last year, natural gas prices have declined. FPL has already made downward adjustments, which took effect in April and May, totaling nearly $1.4 billion in its 2023 fuel charges. The July decrease approved today is the third reduction in the fuel portion of FPL bills in 2023.
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